This is going to sound like a dick thing to say, but what would I do? Carry full coverage on your vehicles. Consider the price differences between liability and full coverage, then compare to how long it would take for the difference in cost to equal the $5K to fix your Mustang, and see if it's really worth it. Lets say the price difference between liability and full coverage was $50, just to throw out a nice even number. It would basically take 8 years to equate to the same amount of money you are facing to fix your car now. It's a hell of a lot easier to pay a bit more monthly, than a huge lump sum all at once. Or at least for me it is. Good luck whatever you decide.